Average House Price In The GTA Actually Dropped Last Month & Here's How Much It Costs

There's been a lot of hullabaloo about whether or not potential homeowners in Toronto will ever be able to afford to buy a home amidst the rising cost of houses seen in the past months.

But there's been some talk about the market beginning to slow down, and homebuyers may not have to lose hope in affording a place to live in the 6ix.

According to a Toronto Regional Real Estate Board report, the average price of a house in Toronto and the GTA has gone down by over $30,000 between February and March 2022.

The report, which measured 11,000 home sales in March, revealed that the dip in prices still made out the average home in these areas to cost close to $1.3 million.

More listings also seemed to be bought during this one-month period, with March seeing 1,875 more homes sold for a total of 10,955, than in February which only saw 9,080 homes bought.

Though since March of 2021, TRREB noted the number of people buying homes had seen a decrease of around 30%, with there being an uptick of over 18% in the average prices of a Toronto home since 2021.

"Competition between home buyers in the GTA remains very strong in most neighbourhoods and market segments. However, we did experience more balance in the first quarter of 2022 compared to last year. If this trend continues, it is possible that the pace of price growth could moderate as we move through the year," TRREB Chief Market Analyst, Jason Mercer.

York Region currently holds the title of the most expensive area in the GTA in terms of average home prices according to the report, at $1,515,897. Halton Region was a close second with $1,515,730, and Peel Region was third at $1,269,242.

For the 6ix, the houses were up on the market at $1,218,546 on average last month.